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Q. Assume you are a typical consumer and expect to work for 40 years (from this point onward) and to live for 10 years beyond superannuation. Suppose as well that you have perfect foresight, and, if necessary, have the ability to borrow to support future consumption (i.e., you have no liquidity constraints). Explain how much does consumption change this year in absolute dollars ($ ΔC) as a result of a $5,000 annual tax cut to your income, if the tax cut:
A. is permanent, and will begin immediately (this year)?
B. will last only for the current year (i.e., a 1-year temporary tax cut)?
Illustrate what trends did Nokia pursue as it designed mobile phone products in the late 1990's.
While the population variances are unknown, we will assume they are equal.
What is the output of each firm if they collude to produce the monopoly output? What profit does each firm earn with such collusion.
Given the scenario, your role and the information provided by the key players involved, it is time for you to make a decision.
Explain by how much did real GDP increase between 2002 and 2003. Velocity in the country of Shem is always stable.
Explain how much profit will the perfectly competitive firms earn. Explain how much profit will the monopoly firm earn.
Explain the paradox of why new cars usually lose a large fraction of their market value the moment they are driven from the showroom. Identify the economic principle that explains this paradox.
Compute the MRS of other goods for airline miles; i.e., the MRS that represents the slope of the indifference curves when x1 is on the horizontal and x2 is on the vertical axis.
Adam Smith rejected utility as a foundation for value. He illustrates this rejection in his famous diamonds and water paradox. Briefly explain how the cognitive switch from total utility to marginal utility resolves this paradox.
if you deposit $1000 now, $3000 four years from now follows by five quartely deposite decreasing by $500 per quarter at an interest rate of 12% per years compounded quartely. how much will you have in your account 10 years from now?
the loan results in a new checkable bank deposit in a different bank equal to the amount of the loan, explain by how much could the total money supply in the economy expand in response to Tracy"s initial cash deposit of $500.
she estimates that she can produce and sell an extra 1,400 hamburgers per day by keeping the restaurant open for three more hours per day at a cost of $50 per hour. Which of these two alternative ways of increasing output should sh..
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